Hong Kong-listed Rongsheng is taking a 60% slice in New Continental Oil & Gas Co, which operates four Kyrgyzstan oilfields alongside the state oil company.
Rongsheng is issuing 1.4 billion shares to see through the deal, a move which will see its two largest shareholders Zhang Zhirong and Chen Qiang diluted.
In a statement to the Hong Kong Stock Exchange, Rongsheng says the deal is “a great opportunity to enter into the energy sector”.
